Airola powers down helicopter company

Monday, Feb. 4, 2008 | 3:04 p.m.

Jerry Airola, the former sheriff candidate with so much money he told a reporter he didn't really know just how many millions he had, announced that his company, Silver State Helicopters, will be terminating all employees and suspending operations at 5 p.m. today.

In an open letter sent to students and staff of the business, which provided flight training to wanna-be helicopter pilots, Airola wrote "I'm sorry to say that the SSH rumors are true." Monthly operating expenses exceeded cash flow, and while the company board of directors hasn't exactly made a final decision as to the fate of Silver State, all operations are shut down and everybody should get out sometime within the next three hours.

In other words, Airola writes, his staff should "seek other employment." Also, turn in your company vehicle, check the mail for your last paycheck, and listen for further word as to when you can come get your stuff out of the office.

He ends the email with, "I can not (sic) tell you how hard it is to push 'send.'"

Here's the letter, in full, as sent to the Sun:

I know the rumors have been flying and I’ve been told some of you have taken action in anticipation of a company shut down some time today. The Board of Directors has been working diligently with student lenders and the financial institution that carries the majority of Silver State’s debt. The entire lending industry was crippled in October and the impact hit all student lending sources particularly hard; we felt this full force. Silver State Helicopters has done everything possible to weather the storm and will continue to work on a solution that will allow this company to continue to explore options.

The Board of Directors has not made a final decision as to Silver State Helicopters. Because the monthly operating expenses, even at the recently streamlined levels, continue to exceed cash flow the Board has elected to suspend all operations effective at 5:00 PM today. All offices are closed effective immediately and all employees are terminated as of 5:00PM today as well. All employees will receive a final payroll check via your normal payment method (check or direct deposit by ADP). I know there are many questions that you will have and I will attempt to answer some of those now:

• When will I receive my final paycheck and what will it include? Your paycheck will be processed immediately and sent to you via ADP as it has in the past. You will be paid through close of business today. The company does not have time cards collected already to reflect the most recent days so, as is common practice in these cases, non-salaried employees will be paid assuming a full 40-hour work week.

• What will happen to my 401K? Your 401(k) remains secure with the outside service Company as it always has been.

• If Silver State Helicopters are able to restructure will I be offered re-employment? The Board of Directors will continue to work to find the best possible solution for Silver State Helicopters. If the company can be restructured it would certainly make most sense to allow priority hiring to former employees that apply.

• Should I seek other employment? Yes - Silver State Helicopters can make no promise of re-employment at this time and there should be no hesitation on your part to secure alternative employment.

• Will I be able to retrieve my personal belongings from the office? Yes - You will be notified as to the available times and procedures to recover any personal property from a locked office within the next few days. Please do not take anything from the locations that does not belong to you unless you have written permission to do so as that would constitute theft. Surveillance equipment has been recently installed in most locations to protect assets.

• I have a company vehicle, should I turn that in? Yes - Non-employees are not authorized to drive company vehicles. It is presumed reasonable that all vehicles will be returned to the closest Silver State Location no later than Monday, February 4th. You should co-ordinate all vehicle returns with Lisa Gunther.

• What will happen to students? The students will be notified as soon as a clear direction is confirmed.

• I have company assets at my home or in my possession, what should I do? Contact Steve Shaw or Lisa Gunther and make arrangements to return all items no later than Monday, February 4th.

• What about health insurance? Angi will be processing termination for all employees on Monday. This will trigger COBRA notices and you can contract the carrier directly to preserve your coverage. The company also encourages you to begin your process immediately so that you may collect unemployment insurance.

Please accept my most sincere apologies for the stress and sadness this may cause you. I know that many of you consider this company and the employees to be your home and your family. Holly and I have made a decision to fight for every option to help the people of this company put something together so we may again enjoy the success we have shared in the past.

Most of you have been comfortable in writing me or calling me I the past and I will continue to keep my door open. Please realize that I am inundated with calls and e-mails right now and it is difficult to return all in a timely manner when there is so much work to do. Regardless of the final outcome over the next few weeks I will be eternally grateful for the friends that I have made and the greatness that we all have shared. There are few people in the world that will ever have the opportunity to share in the experience that we all have over the past eight years. If someone had told me back in 1999 that this company would do all it has done and then face the challenge that it is facing now I would still gladly sign on as an opportunity of a lifetime and an education that can not be bought. Thank you all for the opportunity to work with a great group of people.

I can not tell you how hard it is to push “send”.

With love and respect for all of you,

Jerry Airola